The Federal Reserve has seen the same cracks in the labor market that investors have, and Chairman Jerome Powell has, at last, seen enough. The U.S. central bank has two objectives: control inflation, and support maximum sustainable employment.
In an address at the annual monetary policy confab at Jackson Hole, Wyoming, Powell unambiguously laid out the case that price rises are easing, and it is time to support job growth.
The market was already banking on swift rate cuts. The Fed might be forced into meeting those expectations.
Source: REUTER
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